GDD continues expansion of overseas investments

Chinese overseas investment from Guangzhou Development District reached about $454 million last year, a remarkable increase of 199.8 percent year-on-year, an official in the capital of South China's Guangdong province said.

As one of China's first national economic and technological development zones, the district saw 128 local companies invest a total of $1.12 billion overseas from 2003 to 2016, in industries such as biological medicine, fine chemical engineering and mechanical equipment, said Zheng Qi, deputy director of the economic development board of the district.

One local company, Comba Telecoms Systems Holdings, purchased Enterprise of Telecommunications Lao (ETL), the only state-owned telecoms operator in Laos, last year for $91.8 million. Comba plans to upgrade ETL's 2G and 3G networks and develop a 4G network by 2018 to serve 400,000 clients, according to Li Yuwen, vice-president of Comba.